I have something similar... except on mine (just modded it this evening - version 1.6 motherboard) there is no blue X. It boots fine to the orig BIOS, and boots fine to the Xecuter BIOS (I haven't got as far as flashing it yet).... the red X works, but there's no blue X when I'm in the FlashBIOS screen.
I've been searching the forums looking for some clue to what's wrong, but can't find anything yet.
Edit... fixed mine by reseating the connectors on the bottom of the bit with the (now) wonderfully colorful X3 thingy

That seemed to be all of the problem and solution for me... dunno if my minor success story will help any here.